Even after having made it clear that its multi-billion dollar budget for the next five years takes high-priority based on its ongoing oil recovery operations offshore Guyana, the US oil company ExxonMobil is seemingly rethinking its operating strategy, going forward, on account of the raging coronavirus pandemic that is now menacing key sections of the global economy.
Stabroek Business has reported in this issue (see page *** ) on the disclosure made by Exxon Chairman and CEO Darren Woods regarding the company’s projected US$35 billion investment in its operations through to 2025, However, after its evaluation of the impact of the coronavirus pandemic and particularly its impact on the global oil industry, the company’s CEO on Tuesday was quoted again in the media, this time as asserting that the months ahead may prove to be what one report describes as a “make or break” period as it cuts capital spending plans and shifts some of its employees to home offices.